Quoting their :

Automatic Updates
You've asked for it, so here it is! Swype BETA now supports automatic updates directly from within Swype! Version 3.26 of the Swype BETA includes Swype Connect v2, which lets us deliver the latest Swype improvements directly to your device.

Break free of the SwypeInstaller - Once you've installed this latest version of Swype BETA you'll never have to use the SwypeInstaller again. Updates can be installed straight from the Swype Settings menu.
Get Notified - When a new update is ready, we'll send a notification right to your device. Never get stuck with an expired version of Swype BETA again.
Save your dictionary and settings - Since automatic-updates don't require you to uninstall Swype first, you'll be able to take your dictionary and settings with you when you upgrade. No more re-entering slang and curse words

(More) Languages by Region
With this version we're adding a whopping 11 additional languages! To accommodate this dramatic increase in languages, we streamlined all of our assets so that Swype is smaller overall, and we've split everything into 4 regional downloads (plus 1 with all regions combined).

Americas: US English, Spanish, French Canadian, Brazilian Portuguese ~5Mb
Western Europe: UK English, French, Italian, German, Spanish, Portuguese, Dutch, Danish, Swedish, Finnish ~10Mb
Eastern Europe: US English, UK English, Czech, Hungarian, Polish, Romanian, Russian, Slovak ~9Mb
South East Asia: US English, UK English, Vietnamese, Thai, Chinese (Simplified), Filipino ~8Mb
All Regions: Includes all 23 languages from the regional language versions. ~21Mb

*NOTE - WXGA (Honeycomb) builds are using the old English/Spanish and Full language formats. Please see for a table showing which languages are supported by which resolutions

Refined Key Layout
We've changed the layout of the keyboard a tiny bit, so be prepared to unlearn what you have learned.

Numbers are now located along the top row of keys, similar to a traditional keyboard
The "Globe" key has been removed from all BETA builds (until we can make it an option in settings)
Added a second page to the symbols layer. Press the 1/2 key on the left to switch between them.

Enhanced Settings & Help
Confused by our old settings, tutorial, and help? Did you feel like you couldn't find info on how to use Swype effectively, and thought our settings were cluttered? Yeah, we did too. That's why we grabbed "Settings, Tutorial, & Help" by the collar, kicked it out of the house, cut off its trust fund access, and told it come back when it got its act together! Lo and behold, our newly reformed "Settings" is back and is now, well, actually helpful!

Long-press the SWYPE key to quickly access Swype Settings any time
Update Swype straight from the settings menu whenever a new version is available
Learn basic and advanced techniques to become an experienced Swyper. Do you know about "bouncing" and the auto-space suppress gesture? How about the editing layer? Check it out!
Set available languages and you'll never be offered a language you don't use when switching languages on-the-fly.

As usual, we also have a ton of bug fixes, so check the changelog in the second post to see if an issue that's been bothering you is resolved!

Enjoy!
Here are some screenshots of Swype on my phone

http://i1139.photobucket.com/albums/.../SwypeMain.png

http://i1139.photobucket.com/albums/...ypeNumbers.png

http://i1139.photobucket.com/albums/...eArrowkeys.png

http://i1139.photobucket.com/albums/...peSettings.png